Pakistan discovers 'huge' reserves of iron ore
LAHORE: Pakistan on Wednesday said it has discovered major reserves of iron ore as well as copper, silver and gold in its central province of Punjab.
The reserves were found in Chiniot, around 160 kilometres northwest of Lahore, by Chinese group the Metallurgical Cooperation of China.
A senior provincial administrative official told AFP that initial estimates indicated 500 million tonnes of iron ore, a primary ingredient in steelmaking, had been discovered.
He said the Chinese company has expressed interest in setting up a steel mill on the site, adding that the extracted iron had been tested in Swiss and Canadian laboratories, which found 60-65 per cent of it to be high grade.
The official added that silver, copper and gold samples would also be sent for testing soon.
Speaking at the site on Wednesday, Prime Minister Nawaz Sharif said the discovery could help Pakistan's stuttering economy turn a corner and end its “begging bowl” culture.
“It is Allah's blessing that under the lush green fields rich deposits of copper, iron and gold have been found, which will help the country get rid of the 'begging bowl' for good,” Nawaz said.
Conflict, instability, corruption and a chronic energy shortage have hampered Pakistan's economy for years. The IMF granted a $6.6-billion loan to Pakistan in September 2013 on the condition that it carry out extensive economic reforms, particularly in the energy and taxation sectors.
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Comments (361) Closed
Feb 11, 2015 07:44pm
Pakistan is very fortunate to have plenty of natural resources. Good job. The establishment of an iron plant is vital to the country's industrialization. Such a windfall! #strongpakistan
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Feb 11, 2015 07:45pm
Thank God for that :-)
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Feb 11, 2015 07:45pm
Don't worry Chinese will pay u peanuts and take it all for their development. They just have to feed some money to your politicians
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Feb 11, 2015 07:46pm
How about all those Gold, copper and Coal mines in Baluchistan?? Which estimates say are much bigger than this 500 million ton.
Frist go get something out of there.
Near Chiniot!! sounds fishy already.
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Feb 11, 2015 07:47pm
Sad when other countries discover things in your ownn land. Looks like they will be controling the resources and pay you back in peanuts.
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Feb 11, 2015 07:47pm
China will strip the land naked and we will get pennies in return. We should not allow foreign countries to exploit this.
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Feb 11, 2015 07:47pm
Thats a great news for Pakistan, now the bigger question is how to extract and utilise properly :)
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Feb 11, 2015 07:48pm
Allah hu akbar. World, here we come. A super wealthy pakistan.
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Feb 11, 2015 07:48pm
Imran Khan shall be the Prime Minister of Richer Pakistan...he deserve it to keep Pakistan free of begging bowl.
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Feb 11, 2015 07:49pm
Now we know why Tuwairqi Steel Mills faced so many hindrances to continue its operation.
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Feb 11, 2015 07:51pm
how can we trust the govt and authorities that they will take it into the best interests of the people of Pakistan, not for their personal interests. We have live examples of Thar Coal reserves and Sandak gold reserves where the people know nothing where their benefits gone
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Feb 11, 2015 07:51pm
how much will be the cost of extraction? I hope the resulting steel will be competitive in international pricing regimes.
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Feb 11, 2015 07:53pm
It is the fact and no doubt about that. Pakistan have vast reserves of many precious minerals due to its geological location on earth fault lines. The country existing on fault lines have danger of more earthquake prone but very very rich in mineral reserves due to huge amount of deposits of minerals on fault lines from earth interior.
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Feb 11, 2015 07:53pm
My quick uneducated calculation comes out to be of value ranging between $10 billion (500 million ton x 60% high grade x $60 price per ton minus overhead and extraction and refinement cost). I don't think 10 billion will be enough to break the bowl.
Anyone else who can provide a better value estimate of this find?
An
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Feb 11, 2015 07:53pm
We discovered coal reserve some thirty years ago. What happened?
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Feb 11, 2015 07:54pm
Nawaz sharif should be asked from, wernt u the one that promised no begging in the first place after elections? With deposits if gold coppor coal already in Sindh and Baluchistan we never needed IMF Aid and now we also have iron. But still N.S and his cronies would prefer easy Aid money then standing on ur own feet.
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Feb 11, 2015 07:55pm
More source of income for NS
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Feb 11, 2015 07:56pm
what better a news can be during a blacksmiths syndicate's reign.
Best of luck Pakistan.
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Feb 11, 2015 07:58pm
for God's sake do NOT let the Chinese do this project. They will bribe government officials without any shame and bring Chinese employees. Hardly 10% employees will be Pakistani. On top of it, all of this metal will be smuggled to China after paying commission to the right people . Give I it to some western company even if it is expensive. at least Pakistanis will get jobs.
This story has been repeated over and over again all over Africa.
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Feb 11, 2015 07:59pm
Nothing will come of it. Just like so many other promising things in this country
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Feb 11, 2015 07:59pm
Politicians have learned a new trick of announcing "huge reserves" found. remember "riqo diq", anyone. Besides setting up a steel mill on site does not help a corrupt and inefficient economy turn corner.
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Feb 11, 2015 08:00pm
The due has been delayed till date by the lethargic bureaucrats not ready to move even their fingers. It was observed and reported to the Ministry of Natural Resources by some students about 40 years back that, the "Rusted rocks" of Chiniot and Attock were clear indicator of their Iron portfolios that called for investigative analysis and further reasearch. But, the usual "Babu-Syndrome" consigned everything to the waste-paper basket.
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Feb 11, 2015 08:01pm
...Few years back it was announced that sind found the largest and the best quality of coal which could change Pakistan . Uptil now we don't know what happened except that it was poor quality coal which is of no use. Hopefully iron ore information is correct.
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Feb 11, 2015 08:02pm
This is will be the same situation as steel mill of Karachi Pakistan.
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Feb 11, 2015 08:03pm
Is the election approaching ?
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Feb 11, 2015 08:04pm
@KhalidS That is a politically instable province and security situation is deplorable. How can any such activity take place in a place like that? People just have a habit criticizing. There is always an alternative for everything but we have to chose the best one.
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Feb 11, 2015 08:06pm
It will help the economy if sharks do not cut underhand deals and steal these national resources. This is what has bankrupt this country.
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Feb 11, 2015 08:07pm
Happy day for ittefaq foundry owners
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Feb 11, 2015 08:08pm
The fate of much hyped coal project has gone to back burner and not known. And no one is talking about it anymore. It was said that Pakistan will be placed in the richest and there will no poor and power shortage anylmore blah..blah....blah.Now wait for good news for this new discovery. Decades have passed Baluchistan's copper,Gold and iron reserved are still untapped.
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Feb 11, 2015 08:10pm
Another steel Mill ? We cant run one in Karachi built by Russia, Rs billion loss every year.Exporting ore to neighbouring country, India might be profitable.
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Feb 11, 2015 08:10pm
Few days later the govt will come up with an excuse that the mining won't be feasible or they will sell offthe land to China to jjustify the production cost.
The news itself is controvercial that Pakistan failed to tap such deposits on the Punjab plains in the age of science and tech. How come China gets natural resources in every country? The otherway round is China is willing to bring in chinese labour and exploit pakistan by snatching lands, nothing else..
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Feb 11, 2015 08:11pm
This is indeed good news. However, though Chinese company has shown interest for which Pakistan is ever grateful to their Sino Brethern, the first right of usage on this ore is of Pakistan Steel Mill as end of the day the ore and the steel mill belongs to the people of Pakistan.
I hope that due consideration will be given to this fact as awarding contract to setup another Steel Mill can potentially bring the Pakistan Steel Mill to a collapse.
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Feb 11, 2015 08:11pm
No wealth can benefit Pakistan as long as corrupt leaders are voted in
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Feb 11, 2015 08:12pm
funny thing is that, one steel mill in the entire country is almost bankrupt and they are planning on opening another one. and secondly, the PM's statement that we do not need a begging bowl is so laughable. There are already so many reserves in Baluchistan which are more than enough to break the bowl.
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Feb 11, 2015 08:13pm
Good for China, they won't have to import from Australia anymore.
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Feb 11, 2015 08:14pm
Allah has blessed this land of Pure with plenty of natural resources!!!...Congratulations Pakistan!!!
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Feb 11, 2015 08:15pm
I hope what ever NS is saying its true and hope its not another scam they are trying to pull with China and kick backs...if he really a true Pakistani and luv his country than he should realize that he has given one more chance by GOD to ask his forgiveness by serving poor people of Pakistan while he is in power otherwise should read little history of other leaders how they went down like dirt...If he really want Pakistan to remember him so that his last chance to do so...I guess time will tell.
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Feb 11, 2015 08:16pm
grade of 60 to 65 of ferrous ore is very good recovery as India is utilizing even 50 grade ore for manufacturing of steel .Mittal group of company is the world best steel manufacurer and are most preferable in US also
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Feb 11, 2015 08:18pm
the site will get developed and steel mill established sooner than any industrial unit in Thar...i bet! that's irony..our leaders(businessmen and self centred) are playing discrimination with Pakistan thus sowing seeds of divide and hatred in people of Pakistan.
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Feb 11, 2015 08:18pm
@Boom hello friend!!! U make me laugh
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Feb 11, 2015 08:19pm
Its so pleasant to hear that...
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Feb 11, 2015 08:19pm
Musharraf had already ended the begging bowl culture. The begging bowl belongs to Pakistan's billionaires and would be a part of our political culture whenever we are ruled by billionaires.
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Feb 11, 2015 08:19pm
Still mills should set up in interior Sindh near the sea otherwise steel making process will sap up all water of Chenab river plus sub-soil water of Sargodha cheniot and Jhang. Mills in interior Sindh will also poor haris of Sindh by providing them jobs at their doorsteps.
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Feb 11, 2015 08:20pm
The news reminds me of claims of government as headlines in Dawn newspapers since 1960's i.e. "Pakistan will become self sufficient in ......" and we still have begging bowls to fulfill our basic economic needs!!!
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Feb 11, 2015 08:27pm
Congratulations to Pakistan ! Little we know how it can help Pakistan ? This Iron ore is a high demand for the production of cars/planes/rails but unfortunately we are not manufacturing any of these.Domestic consumption of iron ore is only required for constructions so again we will export crude product at international price even I am not sure the deal is made public.
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Feb 11, 2015 08:29pm
iron ore + ittefaq foundaries= surprise...... hahahahaaa
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Feb 11, 2015 08:32pm
Good news - Punjab govt should set the example and lease to federal govt on easy terms and the proceeds should be used for social development programs. That would set the tones for other provinces to see how nations works, as opposed to tribes.
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Feb 11, 2015 08:33pm
So good for politicians. They have got more to sell Pakistan.
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Feb 11, 2015 08:36pm
Is this similar to the 'huge gas reserves' our politicians talked about in the 60's and 70's?
If so it will be nothing at all
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Feb 11, 2015 08:36pm
So the Prime Minister also acknowledging their begging culture. LOL...
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Feb 11, 2015 08:36pm
Thank God!! An extremely good news after so many bad ones!! Best wishes my dear countrymen!!
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Feb 11, 2015 08:36pm
If find is true and found in the lush green field.. I come from a place in india that iron ore is extracted... please be informed that the mining activity has led to fertile land into a barren land non usable for at least for the next 50 years .... Please use best possible practises to avoid the same
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Feb 11, 2015 08:37pm
Steel is getting outdated lately... Automobile companies, aircraft companies are switching to Aluminium in favor of fuel economy. The only leftover big industries for steel are - construction and defense manufacturing. Again, it seems China wants the mine..., the only economic benefit to Pakistan is the salaries made by few coolies. Really!! why you folks are so excited? For the best of Pakistani economy, give it to Pakistani entrepreneurs and ask them to build ingenious industry!
Doing so will have several benefits:
1. Increases the jobs
2. Keeps the profits in Pakistan
3. Decreases the market supply of human resources for terrorist outfits.
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Feb 11, 2015 08:39pm
" Meeks shall inherit the Earth" says one of the Good Books. But what lies under, belongs to rich. Itefaq Foundry, happy days are here again.
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Feb 11, 2015 08:39pm
what about platinum?
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Feb 11, 2015 08:41pm
Till the time family govts are ruling, nothing will happen to pak
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Feb 11, 2015 08:42pm
One steel plant is going to propel Pakistan out of "begging bowl" culture?? Sounds like a political statement especially when Baluchistan is waiting to be explored with all her mineral and gas wealth!!
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Feb 11, 2015 08:43pm
This discovery will make no difference. They will just become even richer incompetent and dishonest, the bowl is for common Paks and will remain there insofar as they are leaders
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Feb 11, 2015 08:44pm
I hope that we are doing a study on environmental impact. We can't destroy our food basket.
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Feb 11, 2015 08:44pm
Where are the Indians in comment section?
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Feb 11, 2015 08:47pm
it should be given to chinese company under proper rules
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Feb 11, 2015 08:47pm
Allah has always blessed Pakistan in 1 way or the other. Unfortunately our corrupt politicians and public that does not want to pay taxes does not really care about the country .... We can prosper even without this gold if we eliminate or even minimize rampant corruption...
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Feb 11, 2015 08:47pm
I am listening to this 'news' since more that 20 years. Yes literally more than 20 years, in one form or other. What has the government done to utilize those?
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Feb 11, 2015 08:47pm
Don't expect anything good from our dishonest leaders, they will take their cut
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Feb 11, 2015 08:48pm
@zeeshan
you are poorly informed, if you believe everything you read in the Pakistani press. The Thar coal field will begin producing coal within the next 2-3 years. You need to do your own research my friend.
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Feb 11, 2015 08:49pm
@Imran Siddiqui
an Environmental Impact Assessment Study is standard practice. Take the ones produced for the Thar Coalfield.
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Feb 11, 2015 08:51pm
Good for China, and for Pakistan too.
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Feb 11, 2015 08:51pm
But how this would benifit the ordinary people not the 200 families only who controlling the whole country, question still there
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Feb 11, 2015 08:51pm
Boom@ why blaming you people every thing. if some thing bad happens in Pakistan you people start blaming pakistan. Now it is a good news and you have still such a negative comment here. what a nonsense!.
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Feb 11, 2015 08:52pm
World changing event this will be.Insha allah in 10 yrs time we will be like UAE or Saudi after they found oil, people from across the world will be lining up for jobs outside our borders.
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Feb 11, 2015 08:53pm
Yeah??? And what about the gold reserves coal reserves that were found years ago mr PM any progress on extracting that ???? I guess no. ....but we sure are fortunate.
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Feb 11, 2015 08:54pm
@Aqeel
How to utilise it is the only and big question.
Arm yourself with it, spend on much needed dams and reservoiers, education, hospitals or all gets chewed by all the corrupt to the core entities.
Providing the discovery is real anyway.
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Feb 11, 2015 08:55pm
Mr nawaz Pakistan is too rich in everything but unfortunately it has rudderless leadership.
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Feb 11, 2015 08:56pm
@ahmed Since this site is in a stable area with good industrial links, it will be developed pretty quickly God willing.
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Feb 11, 2015 08:56pm
People have less belief on such news due to past lessons. Now they want to see the out put.
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Feb 11, 2015 08:58pm
Pakistan's problem is not reserves and gold mines being absent. Pakistan's problem is its corrupt and selfish elite. As long as this nation does not get rid of it, you can have whole himalyias turned into gold and it wont bring any wealth to the country people.
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Feb 11, 2015 08:58pm
@ahmed Ok you asked for it!!cant u see Dawn's mild sarcasm in the word 'huge'??
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Feb 11, 2015 08:58pm
@zalim singh @Zalim! No need to worry...This is for the next Government to announce
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Feb 11, 2015 08:59pm
When western companies want to do business in China they have to :
a) Give the Chinese government controlling interest in the enterprise.
b) Provide all company intellectual property and confidential information.
Pakistan should request that the Chinese will be allowed to build the factory however Pakistan will control 60% of everything.
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Feb 11, 2015 09:00pm
It will only benefit Ittefaq Steel mills.
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Feb 11, 2015 09:00pm
@ahmed, we are happy for you. God Bless your Nation and Hope it does not land in the hands of corrupt Leaders
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Feb 11, 2015 09:01pm
Good luck of China and investors.
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Feb 11, 2015 09:06pm
Thank God for this, but may God keep it safe
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Feb 11, 2015 09:08pm
What a shame,this begging bowl stuff. What happened to pride. Beggars will always be manipulated.
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Feb 11, 2015 09:10pm
Oh.good. Give that contract to China to recover Iron . Who will take your 50 % share
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Feb 11, 2015 09:10pm
Why samples not sent for testing to PCSIR, Why AFP a french news agency breaking this news and not our APP.
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Feb 11, 2015 09:12pm
how much gold our government has recovered from the reko diq mines which we all hearing for years that will be a game changer for Pakistan economy? how much of these mineral resources will actually contribute to Pakistan economy/industry and how much it will end up in forigen nations coffers?
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Feb 11, 2015 09:13pm
Please don't allow Chinese to dig the land of Pakistan.Bring some other European countries
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Feb 11, 2015 09:14pm
God bless Pakistan. This is great news however a country can have countless resources but will only prosper if it is governed well.
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Feb 11, 2015 09:16pm
It wouldn't be bad idea to rule out possibility whether or not Chinese team was working in the vicinity where Sharif's have buried all their "hard earned" wealth - pennies and gold !! And also make sure the Chinese did not use tools made in china! Otherwise, congrats on discovery!
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Feb 11, 2015 09:17pm
@ahmed ....What type of comments are you expecting? Any ways congratulations...Hope you guys do well
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Feb 11, 2015 09:18pm
Mineral is curse ... See African continent
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Feb 11, 2015 09:20pm
nawaz sharif says- iron ore find can end pakistan begging bowls ... really ?
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Feb 11, 2015 09:20pm
Dream selling is key to Sharif's governance plan. For example, Bullet trains, electricity within six months, 8th largest economy in the world, etc etc. Is it possible that government can provide basic needs like water, security etc????????
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Feb 11, 2015 09:23pm
@Kaam Just like tech companies use you, pay you cheap labor to build stuff for them, make tons of money
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Feb 11, 2015 09:25pm
Chinese Company didn't spend money to explore without having already negotiated a royalty/mining arrangement ... would have been nice if Sharif disclosed that. Developing a mine is a lengthy and expensive process - lets hope Pakistan doesn't get greedy and end up with another Reko Diq debacle.
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Feb 11, 2015 09:27pm
Good news if they are harnessed and utilized properly
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Feb 11, 2015 09:30pm
ALLAH blessed us a very precious land, the only thing we need is to get rid of our enemies.
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Feb 11, 2015 09:31pm
congratulations to pakistan !! pakistan should mobilize resources to set up its own industry for extraction of ore and rolling of steel.The technology involved is neither too complex nor prohibited under any control regime(unlike nuclear).Home grown technological advancement,jobs for local population(not just the unskilled but even top level managers),and the profits staying within the country are some of the basic advantages over the option of an establishment by another country.
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Feb 11, 2015 09:34pm
Such discoveries are completely useless for ordinary Pakistanis unless widespread mega corruption among politicians and in institutions is eradicated.
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Feb 11, 2015 09:34pm
And this the first and the last time you shall hear of this discovery, like many others
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Feb 11, 2015 09:34pm
Now for that modern steel plant.
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Feb 11, 2015 09:36pm
So your plan is to strip the lush foodgrain producing green fields and mine low value iron ore from under? Wow this is stupidity of the highest order. You can't get rich mining iron ore. Now if were platinum, gold or a rare earth there may be a case, but the right thing to do would be to leave the fertile land undisturbed. If you can mine a barren section that's ok.
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Feb 11, 2015 09:38pm
Brothers , we have to be very careful .Minerals ores are assets of a nation , if gone they will never come back. Chinese nation is very clever , they are preserving their ores and they are scouting ores in poor countries . They d\will dig and take them all and it will have some monetary benefits for short term but long term loss of environment and ecology will be disastrous. We have in India has many such places , now if you go there you will feel where we have come. Total disaster. We have to use it very carefully . Now all the western , Chinese companies will come a vultures. Beware of that.
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Feb 11, 2015 09:38pm
@ahmed What do you want to hear ? 500 million tonne reserve ? India produces 80-100 million ton per annum and as such this reserve is equal to India's only five year requirement ;-)
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Feb 11, 2015 09:39pm
@Boom You must be from India.
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Feb 11, 2015 09:39pm
So Finally Prime Minister is accepting that Pakistan is living on Begging.
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Feb 11, 2015 09:40pm
@Boom
No. Now Pakistan can make automobile chassis, engines and automobile bodies and create a domestic auto industry.
Also rebar, pipe and I-beams for building construction.
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Feb 11, 2015 09:40pm
Ha Ha !! we have found iron which will help the country get rid of the 'begging bowl' for good,” what have we done with the coal since finding it?
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Feb 11, 2015 09:40pm
"Alhamd-o-Lillah"
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Feb 11, 2015 09:40pm
@ahmed
They are picking themselves off the floor from laughing so hard. Give them a few minutes to compose themselves.
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Feb 11, 2015 09:42pm
Lots of natural resources but to no avail. Politicians are fighting among themselves all the times, and electricity problem, gas problem, unemployment problems persists. Rich politicians are not affected at all. We hear about all mining prospect in Baluchistan too for 30 years now, but zero benefit to people yet. Same thing big Gwadar port made, but zero revenue generation to better peoples life in Pakistan. TV showing too much talk talk talk. How about walk walk walk for a change, action to help uplift desperate life of people in Pakistan. May be some day a sincere, capable team of planners and administrators would come forward to help people of Pakista, maybe 50 years from now?
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Feb 11, 2015 09:42pm
Congratulations Mr Nawaz Sharif. Your net worth is about to go up by nearly a billion dollars. Once you take your cut, people below you will take their millions. Then people under them will take their hundred thousands. When all set and done, national coffer will run in negative and hard working miners will be in circular debt.
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Feb 11, 2015 09:43pm
@M.M.Sherazi
I believe it is the Sharif family who is familiar with steel making and foundries.
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Feb 11, 2015 09:43pm
@KhalidS that is taken by madaari and now is NS turn.
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Feb 11, 2015 09:43pm
Why don't the Chinese and Americans mine their own countries to exhaustion instead of looting other nations?
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Feb 11, 2015 09:44pm
@OUTSPOKEN
You read it wrong. What Nawaz said was that it will 'break our bowels."
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Feb 11, 2015 09:45pm
@A Shah Yes, Please negotiate a deal, mining contract what is good for people of Pakistan. Please no deals for benefit of xyz....?
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Feb 11, 2015 09:46pm
Boom is right thats why Mr Sharif has reached the site in a hurry
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Feb 11, 2015 09:47pm
Another lie, another eye wash, another attempt to create a ruse. What is in it for the country and for them, I think first clear that. All of this is part of the strategy for the next election. Once again people will be fooled by them.
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Feb 11, 2015 09:47pm
That proves fruit & vegetables grown in Punjab are iron rich.
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Feb 11, 2015 09:48pm
@ahmed : Why do you need endorsement from Indians on every news item? Anyway, good luck to Pakistan. Hopefully, proceeds from this and any other such findings go for the betterment of the society. Cheers
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Feb 11, 2015 09:52pm
Pakistan should mine the ores it self once the mines shafts have been established in order to keep the 'foreign' hands off of our mineral wealth!
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Feb 11, 2015 09:53pm
both brothers are more happy than others as they found raw material almost free and close to their factories
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Feb 11, 2015 09:53pm
@Tahir
Not exactly. Open hearth steel making is a 19th century technology. Modern steel plants use oxygen furnaces or electric furnaces. Look into it on the internet. The open hearth is too labor intensive and time consuming to make big profits. The money is mostly in secondary steel manufacture not primary steel production.
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Feb 11, 2015 09:54pm
Pakistan is a very fortunate country to be blessed by various resources but has not been able to benefit from them because of vested interest of civil leadership and bad planning. Why was this country turned into theocratic state is obvious but religious and other political leaders must understand liberty and human rights are essential to achieve economic independence.
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Feb 11, 2015 09:54pm
Zardari is probably angry somewhere.. Couldve had 50% commision if this was discovered when he was leading the nation 3 yrs ago. Sharifs should still be making a fortune here.
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Feb 11, 2015 09:55pm
Great news again. Many years ago Z.A.Bhutto announced discovery of huge oil on National Assembly floor with a bottle of oil in his hand and now we found iron,copper etc.
Pakistan never saw that oil till date who knows what we will see this time around.
60 plus years in Pakistan has been full of announcements by our ruling class and day dreams and hopes by people. Like KCR being functional since Ayub Khan's time.
Good luck this time maybe.
I hope this time around it is different for the sake of people.
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Feb 11, 2015 09:55pm
@Khan Please don't be so navie. Dont' compare apples with oranges. Also, do you even have any ideas how much these engineers working for Tech companies make. I am sure they make a lot more than the Doctors in your country. Plese go back to sleep.
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Feb 11, 2015 09:58pm
I'm really happy for Pakistan that they have found such high iron-ore deposits. It would be great if either a Pakistani public company or a private one gets the contact and not some Chinese. No other country especially China will help Pakistan for free. The question is what Pakistan is going to get from China in return for the iron-ore mined.
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Feb 11, 2015 09:59pm
500 million tons is a small deposit from world standards but it is still significant for Pakistan. This deposit was discovered in 2006 during Pervaiz Ellahi's term as the CM Punjab but was delayed by Shahbaz because he wanted the political and financial credit to go to the Sharif family. Watch and see, after the feasibility has been proved viable, the Sharifs will call in the "transparent" tender and then award this project to themselves through their proxies. Sharifs control the steel in Pakistan and now they will also control the raw material
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Feb 11, 2015 10:00pm
Please be aware of your all weather friend china.......jst investigate in some of the african nations where the chinese stripped them of their natural resourse......this is the property of pakistani citizen.....dont let your politicians and others hanover to ruin it
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Feb 11, 2015 10:00pm
@A Shah
Pakistan does not have the heavy equipment to do the extracting, or a rail system and rail cars to transport it.
Rent, own or contract with a foreign company. Japan makes the equipment.
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Feb 11, 2015 10:02pm
Let the looting begin
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Feb 11, 2015 10:03pm
@Javed
That coal is still in the ground. Now that Pakistan has it's own iron and coal supplies there is world market for it's future steel production.
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Feb 11, 2015 10:04pm
Alhamdulillah!. But Israel has no natural resources but it is surviving and Afghanistan, Iraq, Syria & Pakistan has more natural resources but lack of people who can make nations with commitment.
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Feb 11, 2015 10:04pm
@An old guy you're right, it's not that big but there's a multiplier effect which will stimulate the economy.
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Feb 11, 2015 10:04pm
Ittefaq group has cement and Chinese who are allied wth Nawaz provide steel. On top of it the contracts give kicbacks to the Sharifs as they take a comission and also profits from steel. In the end such mines only benefit the Sharifs so we will see more development in the wrong direction since the idea will be to build for the sake of building to fill personal coiffeurs not pockets and also will never be for the sake of making the country prosperous.
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Feb 11, 2015 10:06pm
@Skeptic
How about a modern steel mill built by US Steel, Ford Motor Company, Sweden or Japan?
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Feb 11, 2015 10:06pm
Ittefaq Foundaries will have a hay day. Let's now see The Sharif Empire reach new heights of fortune building.
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Feb 11, 2015 10:15pm
@Ahmed saeed
... or too many self important cooks to spoil the stew?
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Feb 11, 2015 10:16pm
Allah will provide reisk to all but the care takers of his new found wealth should not try to benefit themselves only but the people of Pakistan and off course the nation too.
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Feb 11, 2015 10:17pm
@KhalidS Does sound fishy ... VERY UNLIKELY geology. Balochistan is also iffy on economics-of-extraction grounds ... will REQUIRE high-risk upfront capital
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Feb 11, 2015 10:20pm
@Asad kiyani
Industrialization will be of little benefit to families unless Pakistan labor leaders step forward and labor unions are created instead of political street gangs.
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Feb 11, 2015 10:20pm
This new find of iron mines will help local economy and drive consumption by bigger giants India and China.
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Feb 11, 2015 10:20pm
@An old guy Yes,my estimate is of 5 billion dollars of which 2 billion will go in extraction,2 billion in royalty to chinese,500 million in corruption and 500 million in net profit of which 300 million will again go in corruption during disimbursement. But the green fields will disappear and food will have to be imported at even higher price
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Feb 11, 2015 10:21pm
If only Pakistan can get Honest Politicians and get rid of Robbers and Looters.
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Feb 11, 2015 10:23pm
Pakistan will stop using the begging bowl, the day people like you Mr PM are no longer involved in corruption.
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Feb 11, 2015 10:27pm
@paki_first
Unfortunately you are your own biggest enemy
You just keep on blaming others and perpetuating conspiracy theories
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Feb 11, 2015 10:27pm
My two cents.
First. Such discoveries are strategic assets. The first and foremost thing is to plan their exploitation before you really expose the realities behind them and their extent.
Second. Discuss the prospects of development with a Europe "based" and "owned" concern. Preferable Northern or Western Europe. It may be expensive but if really implemented, the results will speak for themselves. We shall never appoint a politician to chair the development board rather a capable engineer or an economist.
If the news is true, I wish a successful and rewarding outcome for all Pakistanis.
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Feb 11, 2015 10:27pm
The 'begging bowl' culture is not dependent on having or not having natural resources. Ask countries like Singapore, Japan or Taiwan how many natural resources they have!
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Feb 11, 2015 10:34pm
mouth watering politicians opportunity----------Pakistani people life will be the same!!!!!!!!!
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Feb 11, 2015 10:35pm
With low iron ore prices these days, the cost of mining will take over any profit that is deemed to be made.
Chinese companies with Chinese equipment and Chinese man power, what are we trying to turn Pakistan into? A slave of China!!!!
Australia ships out more than 500 million ton per annum and too with the established infrastructure which mostly must be paid off by now.
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Feb 11, 2015 10:38pm
We only need an honest leader to utilize these resources and make Pakistan prosperous in economy. People of Pakistan do not want to hear name like this, Zardari Steel Mills or Sharif Steel Mills.
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Feb 11, 2015 10:39pm
Panjab province was exist before the partition.... therefore pakistan-india shall share profit 50-50
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Feb 11, 2015 10:39pm
Good news. But corruption should be checked. The wealth should be distributed for the good of the people.
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Feb 11, 2015 10:41pm
@Boom Better than done by Government of Pakistan. They will use money and will not deliver anything.
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Feb 11, 2015 10:43pm
Dont get too happy Pakistan. nawaz Sharif sees $$$ for his own bank account. When have Pakistani poloticians ever used an foreign money to better the ountry? $6.6 Billion should be more than enough to spend on Pakistans infrastructure to allow people electricity to survive.
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Feb 11, 2015 10:44pm
@kaliraja t European countries do not practice in bribe and commission. That is why they always go to China.
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Feb 11, 2015 10:44pm
Our Governments are great in making tall claims in a hurry and then going out with a bigger begging bowl. Can we build a steel mill at our own with our own resources.
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Feb 11, 2015 10:47pm
Still you guys will hand out for money,cause it's your habbit!!!
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Feb 11, 2015 10:48pm
@Boom Indian troll, u disgust me
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Feb 11, 2015 10:51pm
What happened to Thar coal?
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Feb 11, 2015 10:51pm
Pakistani politicians children will set up joint venture Chinese companies, and then win tenders for the iron. Peasant land owners will be robbed and bullied out of their land by the powerful.
But remember, coal reserves in Sindh, Balochistan, Gold in Reqo Diq. Still buried in the soild, 30 years after discovery. Why
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Feb 11, 2015 10:52pm
will soon become property of Sharif family.
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Feb 11, 2015 10:53pm
As usual sell the Iron ore and other raw material to other countries like cotton etc and export the local jobs abroad.. and make commission out of it like you already doing you corrupt politicians. It is amazing that Pakistan is 4th biggest producer of Cotton have no clothing in western stores it is because no gas and electricity in the country and they export cotton to Bangladesh and other countries..
Shame on you lousy politicians and keep the begging bowel handy it does not seem that it is in your interest to get rid of it as you are the maximum beneficiary of the foreign aid not deserving people of Pakistan.
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Feb 11, 2015 10:54pm
IMF has already added this as a collateral against the loan.
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Feb 11, 2015 10:56pm
Pakistan has abundant natural resources, but unfortunately it also has abundant corrupt politicians as well. Pakistan hasn't solved the electricity, water and natural gas shortages in most if its cities, I dont see what this new discovery will do for the them!!!!
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Feb 11, 2015 10:58pm
Nobody knows how much tons of iron/silver/gold/platinum/diamond are there for good..but one thing is clear- the begging bowl culture is exposed and formally admitted.
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Feb 11, 2015 10:58pm
China will take everything. they will even employ Chinese workers.
Just wait and see.
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Feb 11, 2015 11:00pm
iteffaq steel mills will be richer now.
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Feb 11, 2015 11:02pm
This looks like one of those stories that get concocted by the bureaucracy....when their political masters say '......do something to make us look good '
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Feb 11, 2015 11:04pm
@An old guy - you forgot to factor in 99.9% corruption. which will leave pak with Nada.
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Feb 11, 2015 11:06pm
ccongratulations &best of luck! turn the corner and become economically strong nation and hopefully that will ensure end of terrorism breeding also in punjab!
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Feb 11, 2015 11:08pm
Pakistan has an "abundance" of energy and mineral resources, the sad reality is, that the rulers are "corrupt" to the "core"
This "new opportunity" will be another "bonus" for the "rulers" to "mismanage" offer licences in return for "kickbacks into their own pockets"
Take Japan for example, they have "no resources" everything comes form outside of Japan, and look where they are!
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Feb 11, 2015 11:13pm
Not just iron ore but huge deposits of copper, gold and silver.
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Feb 11, 2015 11:13pm
Not just iron ore but huge deposits of gold, silver and copper as well.
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Feb 11, 2015 11:18pm
@Boom China is a leader in rare earth metals they have massive reserves and harvesting equipment and cheap labor
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Feb 11, 2015 11:19pm
@KhalidS I'm sure it was planted there or maybe dhandali by PMLN
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Feb 11, 2015 11:19pm
Good news, spec discovery is in Punjab, unlike baluchistan, sind and KPK, the provices is better govern. I hope result won,t take many years.
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Feb 11, 2015 11:19pm
@Bilal We have seen what Western Companies have done to us in Reko Diq. We don't need your stupid opinion. Mr! First learn economics, policies, business and then comment on such news.
Trade with China is the only solution!
I hope you will try your best to understand trade partnership agreements between China and Pakistan.
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Feb 11, 2015 11:19pm
Like the Saudis hunting birds, now the land will be under Chinese control. If this news is true, this will be a colony of china in 25 years!!
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Feb 11, 2015 11:21pm
begging bowl will remain maybe not by necessity but by habit, 64 years of begging has made the leaders PHD in begging. such habits die hard. so please dont throw away the begging bowl just yet.
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Feb 11, 2015 11:22pm
Alhamdolillah Pakistan is rich in natural resources but Unfortunately We Pakistanis are cheap in respect of these Gifts from Allah. No Hope :(
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Feb 11, 2015 11:23pm
Yes Pakistan is fortunate to have reserves of Coal, Gold, Silver, Iron and oil. But unfortunate for Pakistan where we have such corrupt governments, be it PML-N or PPP who will under sell it to outside companies without having a proper bidding process and take under the table money. Our history of full of these blunders.
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Feb 11, 2015 11:24pm
@Dr. Sadaf
What can somebody say about your ignorance ,if you have not studied the Geology of Pakistan.Pakistan is blessed even with much larger natural resources you have ever thought about.
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Feb 11, 2015 11:24pm
I agree no more begging bowl for Pakistan
if the politicians do not fill their own jholis first.
Good luck to China,mine away boys
never mind the pollution.
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Feb 11, 2015 11:24pm
@MD imran It is a great find. The big question is will it benefit the masses of Pakistan? Will this wealth improve the lives of Pakistanis at every level of society? If our leadership continues to be like the Zardaris, Sharifs and other carnivores like them, it will never happen.
Jvs
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Feb 11, 2015 11:28pm
The biggest and highest paying resource in the world is the human resource, tap this energy first and there will be no need to depend on China or any other country, most prominent example of it is Japan, with very little resources, unfavorable climate and geography, japan became one of the leading industrial nation of Asia and the world.
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Feb 11, 2015 11:35pm
Why else do you think China are acting as friends with Pakistan?
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Feb 11, 2015 11:36pm
@ravi very sensible comment so far
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Feb 11, 2015 11:36pm
Pakistan is a country blessed with natural resources but cursed with pathetic leadership. I hope Nawaz Sharif uses this god send opportunity to do something for his country. And please for heaven's sake don't depend on the Chinese for everything. Control your assets.
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Feb 11, 2015 11:39pm
@Ahmed USA - Allah has also blessed this pure land with "top class" leadership which will sink this country. Can you name one leader after Jinnah who is worth being called a leader and who took Pakistan to heights? Jinnah was no doubt a great man, but after him what happened?
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Feb 11, 2015 11:39pm
@GK Natarajan Thanks for the warm wishes. Nations need to be economical strong to provide for its welfare, education etc. I believe that should help minimize radicalization and terror culture.
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Feb 11, 2015 11:40pm
@kanwaljeet.singh46@yahoo.com it is a painful reality
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Feb 11, 2015 11:43pm
Now we will be corruption free.
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Feb 11, 2015 11:46pm
Rampant corruption culture is eating into the vitals of our nation. This latest discovery will not make much of a difference!
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Feb 11, 2015 11:48pm
Seems like Imran Khan was right.
Thanks to allah.
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Feb 11, 2015 11:51pm
This was disclosed more than six months ago and that time it was Shahbaz shariff. Now it has come from Nawaz shariff. Instead of making vote winning statements, practical work should be done to harness the potential. Sooner the better
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Feb 11, 2015 11:55pm
iron is the cheapest metal and there is plenty of steel available in the market world wide.
it is the technical part that counts now a days. Japan does not mine for iron but produces
superior products.
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Feb 12, 2015 12:01am
lies..Begging bowl will be broken when Sharif and CO will pay taxes and bring back looted wealth. We are not short of resources, we are short of honest people and govt. What happened to THAR COAL.
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Feb 12, 2015 12:04am
Hope that this will not be another sale by Dream merchants such as richodic gold mines,bullet train,Thar coal,grand economic corridors,no electric & gas load shedding,gas pipelines,Success of Gawadar port and Imran Khan's dream of people from world over landing in Pakistan for jobs.
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Feb 12, 2015 12:08am
Our land is blessed.
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Feb 12, 2015 12:10am
Pakistan is very rich in minerals resources in Balochistan as well as in other provinces.Good luck to PM Nawaz Sharif Sahib & his team.
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Feb 12, 2015 12:18am
Good new for Punjab who is unnecessarily accused of exploiting resoureces of other provinces.
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Feb 12, 2015 12:20am
Good news are rare these days. Congratulations Pakistan, may this become a turning point
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Feb 12, 2015 12:26am
@Iqbal Khan
No foreign invester is interested thar coal project because of environmental concerns.
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Feb 12, 2015 12:34am
@Kranti
NS is a first an ordinary Pakistani and then PM. He is not acknowledging but echowing the common perception which may or may to be true.
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Feb 12, 2015 12:37am
Bolivia is a very small and impoverished country in South America. Just a couple of years ago it discovered a 20 Billion tons iron ore deposit; forty times the size of Chiniot deposit. Still if we use it honestly it can make a significant difference.
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Feb 12, 2015 12:39am
Mabrook to Pakistan and Alf Mabrook to China.
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Feb 12, 2015 12:42am
Trucks will be lined up for itiffaq foundey
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Feb 12, 2015 12:43am
Let us put things in perspective. This 500 million tons of reserves is not huge by any means and will be enough to feed 4 months supply of iron ore to Chinese mills and about 2 years supply of iron ore to Indian steel mills.
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Feb 12, 2015 12:43am
Good news for politicions, their mouths must be watering including yours Nawaz, let see who benefits? Pakistan or corrupt.
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Feb 12, 2015 01:00am
Discovery of natural resources lying beneath earth, indeed is a good thing but i guess we need to harness 180 million strong human resource to confront challenges inimical to our survival. Host of African countries also possess enormous natural resources yet have miserable plight.
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Feb 12, 2015 01:00am
Sometimes I wish that these natural resources are not found until we have an honest government in Pakistan. Most of the money will go to politicians foreign bank accounts.
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Feb 12, 2015 01:09am
If the same would happen with its resources that the feudals and people like Nawaz Sharif and Zardari did with Gas and other minerals, it is not going to pan out well for the average Pakistani.
I hope and wish for better results though.
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Feb 12, 2015 01:30am
"Get rid of the begging bowl"... am not sure.
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Feb 12, 2015 01:38am
now you lot can pay back the billions you took in foreign aid
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Feb 12, 2015 01:39am
A good news only if this discovery changes life of ordinary Pakistanis otherwise another Ittefaq foundry will be built on government expense and corrupt politicians will top up personal bank accounts.
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Feb 12, 2015 01:43am
May God save the natural treasures of our country from these politicians who are a bunch of thieves and thugs. They will become billionaires in dollars by taking benefits for themselves and Pakistan will remain be a third world country. What a bad luck. May Allah keep the greedy, dishonest politicians away from us, and may he teach them a lesson,Ameen.
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Feb 12, 2015 01:44am
Chaniut reservers are strong economic support for Pakistan.
For God sake this amount is utilized for the development of public rather then the establishment of army. We need quality education, good health agricltural development, socio economic development and sound Pakistan that should be free from terrorism.
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Feb 12, 2015 01:49am
@An old guy .Don't worry about value by the time it comes to that all of it will be gon and then no one will say who took it
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Feb 12, 2015 01:52am
@Aqeel I suggest that we all do some research into profitability of iron and gold mines. Thanks.
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Feb 12, 2015 01:53am
What about Saindak Copper gold reserves china also recovered that and you did not explore that yet
Sounds a lie
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Feb 12, 2015 02:03am
Allhamdullilah
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Feb 12, 2015 02:05am
@citizen not really
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Feb 12, 2015 02:21am
Nawaz sharief fortunes will grow many folds.
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Feb 12, 2015 02:24am
Now pm's sons will try to get this also. I wonder if Pakistan will enjoy this wealth
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Feb 12, 2015 02:29am
Discovery of some thing doesn't mean it is economical to extract until a detail feasibility study is conducted. Furthermore, though Chinese are our friends but from my exp on ASX, when a Chinese company involved in a mining project, the other parties get nothing. Also, do we really need to destroy the lush green fields for a commodity which is in downward trend, the price dropped by 50% and prediction is will hit the $10-20 mark soon. It is not economical to build a new mine if there are plenty of supply in the market
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Feb 12, 2015 02:33am
@An old guy The price you are talking about is of iron ore not the refined one , know the difference plus its not just gonna be iron there are other precious metals too
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Feb 12, 2015 02:47am
Nothing will go to Pakistan, dont get excited folks. This is only a good news for Nawaz himself who owns steel mills and soon he will grab all these reserves
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Feb 12, 2015 02:54am
Not good as tbe Sharifs and Zardari-Bhuttos will loot the lot!
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Feb 12, 2015 03:00am
But we know where the wealth will end up - in personal pockets and private Swiss accounts. The same was said of Sui gas.
The idiot politicians keep on stringing the poor people.
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Feb 12, 2015 03:00am
What happened to that coal lying down in the Thar desert? I hope this new found mineral do not meet the same fate.
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Feb 12, 2015 03:08am
Well done Nawaz Sharif. God bless you and all Pakistani love you
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Feb 12, 2015 03:18am
Serious or joking PM? I thought Pakistan was already blessed with alot of resources but we never managed to use them because our leadership has always been corrupt.
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Feb 12, 2015 03:20am
Nawaz k mun mein ghee aur shakar.If the PM could elaborate as to how this will help.what shares are taught about and whowill be the lucky doled ones?
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Feb 12, 2015 03:27am
I wish they could discover electricity.
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Feb 12, 2015 03:29am
500 million tons is not large.
PM is fooling the people again.
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Feb 12, 2015 03:41am
First save the current steel industries like Tuwairqi and Pakistan Steel
For steel manufacturing u need gas and country is facing acute shortage of Gas. PM again making the people fool
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Feb 12, 2015 03:50am
@An old guy that's a reasonable guess but typical cash operating costs for the best mines in the world are around $35-40, so if you remove that from $60...there's not much left assuming the upfront capex and financing costs. The benefit I see here is for development of a mining industry, job creation and substitution of steel imports....
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Feb 12, 2015 04:07am
@Iqbal Khan
Because we need to change ourselves and the way we look at things in relation to our beloved homeland. They (politicians, civil service, police etc...) are a reflection of ourselves! Stop being so negative!
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Feb 12, 2015 04:08am
@Random Indian
If the iron ore is low grade it will crushed and compressed into iron ore pellets in a pellet plant in preparation for the blast furnaces. In addition that scrap from ship wrecking on Indian and Bangladeshi beaches can be used in steel making. The iron ore coming from the blast furnace is added to scrap steel and bundled car bodies to produce 200 ton unit of steel. The scrap steel is reconstituted and blended to order by the foreman in charge of the melting and the metallurgy shop.
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Feb 12, 2015 04:12am
i hope this will help to build roads, rail system, infrastructure to strengthen pakistan.
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Feb 12, 2015 04:15am
Country will never rid of begging bowl as long as greedy selfish politicians like Nawaz are ruling the country.
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Feb 12, 2015 04:16am
We have huge reserves fo Coal, Gold, Copper and now Iron. They are all still untapped due to corruption fo the elite who only want to exploit them for their personal gain.....If properly managed we could be the richest country in the region.
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Feb 12, 2015 04:22am
Expect terrorist activities to increase to further destabilize the country to stop us from using these resources to build a powerful nation. This will be coupled with corrupt leadership.
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Feb 12, 2015 04:27am
Good. Lets get moving to the next steps i.e. production.
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Feb 12, 2015 04:30am
In time the new Pakistan steel industry can be financed by an initial public stock offering on the London Stock Exchange.
Government bonds could also be issued to raise money for iron mining equipment and electrical generation plants. The iron ore deposits and the receivables on electricity bills would be the collateral for the bonds.
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Feb 12, 2015 04:32am
Wow, wow, now we are talking. This will be a dream come true.
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Feb 12, 2015 04:33am
Here goes the livelihood of poor farmers and good environment of Punjab.
Iron ore???????
Such a cheep commodity, look at the prices. What a joke... these people have no shame...
Next thing , diamonds are discovered under Raiwand palace of Sharifs , will you allow digging your palace and be displaced, pollute the area?
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Feb 12, 2015 04:51am
Good job. Please take iron, copper and gold out and keep it in Pakistan. Tell China president that NS has broken the KASHKOL.
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Feb 12, 2015 04:51am
It is very surprising that the Pakistani PM is talking about changing the "begging bowl" culture. He should be reminded that a culture doesn't change due to a sudden discovery. Cultural changes take a long time in happening. And one sure hopes that this discovery is not one similar to the "discovery" of large reserves of Coal in Thar- all talk and no substance.
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Feb 12, 2015 04:53am
I wish to God we could get rid of the IMF and its "reforms." Good job NS and China.
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Feb 12, 2015 05:06am
@Omar Iron ore mineral reserves availability in Chiniot area of Punjab has been known since last so many years. Nothing concrete was done to exploit these reserves. Let us hope now something concrete is done expeditiously to exploit these reserves in a corruption free manner instead of just raising juicy slogans, commonly raised by our Governments. What have we done about Thar coal reserves since these were discovered 20-25 odd year back?
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Feb 12, 2015 05:08am
@Boom Absolute truth.
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Feb 12, 2015 05:15am
duh! Its not resources that change the fate of a nation. It is the people, its institutions and its leaders. Quite a few of nations with incredible natural resources are most violent and unstable. Nigeria, Venezuela ......
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Feb 12, 2015 05:30am
I feel government should take step and declare strategic asset so such reservoirs should be saved from any private and international companies
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Feb 12, 2015 05:33am
No doubt it's great news but I hope Pakistan doesn't make some short-sighted mistake of handing over the keys of the door to China. Iron ore prices have slumped badly... India has 12m tonnes of iron ore lying on its ports waiting to be picked up.
And not to mention it will destroy the greenery of Punjab. I'm wondering if Pakistanis are ready to make that gamble. Hmm... but then money is also needed. Tough questions which will need some tough brain storming.
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Feb 12, 2015 05:33am
Nawaz Sharif, it is people like you who are responsible for the begging bowl. Bring all your money from overseas and I am sure Pakistan will be a blessed country. Also give the same advice to others like you.
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Feb 12, 2015 05:35am
Keep China away. far, far away.
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Feb 12, 2015 05:38am
@Bilal
Would western countries be any different. Presently they bribe ( bounty money ) the Army and get dirty work done through them.
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Feb 12, 2015 05:56am
To be devoured by the corrupt Politicians and good for nothing Bureaucrats and Army. We should educate ourselves and earn what we get.
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Feb 12, 2015 05:57am
@MD imran lol keep dreaming you bozo.
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Feb 12, 2015 06:02am
Don't worry you guys never get your hands on. You are to buzzy killing each other's.
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Feb 12, 2015 06:04am
Yes, if proceeds don't go in his pocket.
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Feb 12, 2015 06:11am
At last something in Punjab
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Feb 12, 2015 06:20am
Keep dreaming Nawaz Sharif. Nothing roll happen. Your corrupt politicians, bureaucrats and vested interest will quash these reserves. Look what happened to Rico Dek!
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Feb 12, 2015 06:25am
Geological Survey of Pakistan had discovered this deposit in 1989. The anticipated deposit was 500 MT but proven deposit was only 12 MT. The ore occurs ar a depth of 120 to 160 m. At present world price of Iron ore, this does not seem to be an economic deposit unless the Chinesework has made the anticipated deposit as a proven reserve by more detailed exploration.
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Feb 12, 2015 06:29am
Don't worry my fellow mens you will get nothing out of it keep my words now the planning will begins how to eat up all this wealth don't bbs fool with their emotional speeches these thugs can never be change keep my words and remind this after 5 to 7 years if these thugs will remains in power
a
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Feb 12, 2015 06:30am
Now reason for more corruption , new life line for politicians foreign bank accounts.
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Feb 12, 2015 06:43am
Zabardast, Alhamdullilah. Thank you SS for working tirelessly for this thankless nation !
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Feb 12, 2015 06:47am
It won't do any good to Pakistan. Our dear PM and his brother would be using it for their own steel mills while the Chinese will get the bigger share for few dollars.
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Feb 12, 2015 06:48am
A 500 million tons iron deposit is by no means a big deposit at all. For comparison India annual production of iron ore is about 250 million tons. This about 2 years worth of India's iron ore production.
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Feb 12, 2015 06:48am
Does it mean your prime minister doesn't have to beg anymore.. And people expectation should continue..
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Feb 12, 2015 06:50am
China is already mining for copper in Afghanistan and an consortium of Indian companies .involved in steel making is trying to develop an iron mine in Afghanistan....throw this deposit for competitive bidding and let Indian companies participate?:):)
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Feb 12, 2015 06:55am
Iron Ore prices are $60 per metric tonne. Profitability may be $10 per tonne. That is about $5 billion in total, if you can get it out all at once (unlikely).
Meanwhile Pakistan government budget is about $6 billion.
I think begging bowl stays...
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Feb 12, 2015 06:57am
With the current crop of Politicians what guarantee is there that the begging bowl culture will not turn into rob it all culture. All the more reason for us to exercise great caution when casting our votes next time round. If the news is correct, we should feel optimistic about the future. Let us hope that this is just the start of the finds.
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Feb 12, 2015 06:59am
The Lohar is really happy . Even if we find a mountain of gold and seas of oil ,the faith of this nation will not change with leaders like him.
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Feb 12, 2015 07:05am
we must enforce environmental standards, have them in the contract no strip mining; enforce that company restore land with its lush green fields after.
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Feb 12, 2015 07:07am
true benificiary would occur if each and every panny earned from core may be disbursed for dams construction... which would ultimately consume for industrial revival..
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Feb 12, 2015 07:15am
Nothing will happen for the foreseaable future.
There will be conflicts between locals, Punjab government, Chinese investors, opposition, environmentalists, industrustialists etc etc.
Iron ore prices are at a rock bottom anyways.
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Feb 12, 2015 07:20am
Nawaz, not, if you can help it, all the money will end up in your family's bank account, and Pakistan won't see a rupee of off it.
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Feb 12, 2015 07:22am
It's $30 billion at price of $60 per tonne of iron ore.
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Feb 12, 2015 07:23am
@Awais Ali. God has bestowed Pakistan with a good geological location as well as Geo-strategic location, Congratulation.
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Feb 12, 2015 08:08am
Sorry for the Pkistani, but it seems China will demand all the ore in return for military hardware.
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Feb 12, 2015 08:08am
Looks like one of the Sharif's wants to sell their lands near Chiniot and they want to get a good price.
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Feb 12, 2015 08:10am
sharif or zardari will leave anything for us? or more foreign properties for them both?
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Feb 12, 2015 08:12am
Biggest resource is manpower.educate them and they will make country prosperous.Mineral resources do count in modern world,but the real power comes with education,top class engineers and scientists are the real force behind present day prosperity and development.
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Feb 12, 2015 08:12am
They just have to feed some money to your politicians?those who are the operator's. Near Chiniot!! sounds fishy already.Political gimmickry ?With deposits if gold coppor coal already in Sindh and Baluchistan we never needed IMF Aid and now we also have iron. But still N.S and his cronies would prefer easy Aid money then standing on own feet.It clashes with ITFFAQ FOUNDRY ?
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Feb 12, 2015 08:28am
Sharif brothers r blacksmith smith real greedy black smiths.They would now try to change black coal into gold to enable them to b Goldsmith.But this time it may not happen their way in the prevailing awakened conditions. awakepresent.Rather,this coal may result in making their faces black.Interestingly, it will b an added quality as their characters and deeds already reflect as Black.
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Feb 12, 2015 08:38am
I remember being told over and over again how rich Pakistan was in natural resources when I used to go to school there. If Pakistan really does have all these resources, then it is very sad that it still continues to be such a backwards country in all spheres of life.
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Feb 12, 2015 08:42am
@Cyrus Ho totally agree with you. Our trade unions and professional councils are all exploitative groups supported by their political lords.
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Feb 12, 2015 09:19am
A wise man once said, " Put the Pakistani government in charge of Sahara desert, in five years there will be a shortage of sand." Hang tight Brethren, this corrupt government will try its best to gulp it in one go.
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Feb 12, 2015 09:35am
@ahmed since you are calling Indians one has to reply iron ore reserves of an Indian province Chattisgarh similar in size to Pakistan has a iron ore reserve of over 4000 million tonnes and there are still some unsearched areas left that must answer your call
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Feb 12, 2015 09:52am
There are lots of minerals found in balochistan .why PM only focus Punjab ...its his own business .....
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Feb 12, 2015 09:58am
@Boom You must be a slightly jealous Indian!
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Feb 12, 2015 11:04am
Send it to China and get arms in return..
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Feb 12, 2015 11:11am
how much is it worth ! , much less than grains in the field
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Feb 12, 2015 11:51am
It is good that Pakistan has now found iron ore that will sustain their economy. This will help the country to come out of throes of terrorism.
I wish Pakistan all the very best with this venture.
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Feb 12, 2015 12:19pm
Another opertunity arising, that too in Punjab, to be capitilised by the family
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Feb 12, 2015 12:20pm
Getting rid of emeperor styled thugs is even more emportant. Say yes to a more secular Pakistan, as we have seen where it leads to otherwise.
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Feb 12, 2015 12:21pm
@M.M.Sherazi : if something left by sharif family or their near and dear
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Feb 12, 2015 12:24pm
The NEWS is so good to hear.
No country can go for Gold,silver,copper mining,below a green,food producing area.
No people will allow their food bowl to be disturbed.
There is a Public Cry against such mining in Asia,Africa,Latin America.
Iron may b ok,depends on its existence area.
Yogi
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Feb 12, 2015 12:25pm
@Boom
Chinese pay market price and their HELP is not like US.
Its without STRINGS.
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Feb 12, 2015 12:27pm
@The prices of commodities are international prices
Even peanuts sell @peanut prices
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Feb 12, 2015 01:51pm
@ahmed Indians are laughing at government's begging bowl statement. Instead of Chinese, try to give it to a Indian company would be better. Why? because
1. Government will be in a good position with negotiating with Indian companies than Chinese (price and other things).
2. Indian companies do not bring their own employees (they might at managerial level) unlike Chinese, so job for common people.
3. Once it has a trained employee pool, Pakistan can safely go about it's own plants to next such ventures or at least partner.
4. Thirdly, it will benefit the relations between countries.
5. Indians can also be encouraged to setup plants which use the processed iron instead of exporting them to China, creating more opportunities and wealth for Pakistan
This is what Indians are thinking, Pakistan can choose China at their convenience, India has got to loose nothing.
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Feb 12, 2015 02:31pm
@MD imran no harm in dreaming.
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Feb 12, 2015 02:37pm
@Ahmed USA Define what is pure in Pakistan.
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Feb 12, 2015 02:44pm
Would have been really happy to see this discovery being done by Pakistan itself using their indigenous technology just like they used their techonological superiority to build various 'indigenous' missiles and nuclear power!
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Feb 12, 2015 03:41pm
The difference between India and Paksitan is this... we will ruch to sell iron ore and all ores for a tenth of theprice to chinese ,American companies.... without establishign any refininig units here and big steel plants.... thus adding very little value in the process.... our politicians acn be bribed wiht money to stop any big industrial advancement here..
Ehile Modi from iondia wants peopel to set up plans locally, and pushes for local manufacturing, jobs and local technology transfers... that is important for any economy in iteh long run......
LEt see who wins the deall...
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Feb 12, 2015 03:52pm
The current govt owned Pakistan Steel Mill is on the ventilator and is incurring huge losses since many years. Why can they not revive that for heaven sake. If this incompetent bunch of jokers cannot even run a steel mill (which under Gen Musharraf successfully managed to recover and turned in to profit making organisation) how can you expect them to fix the energy, terrorism, education, revenue, law and order and a multitude of other problems. The irony is that Gen Qayyum who was chairman steel mill in Musharraf's time and lead the steel mill revival is part of the Nawaz Sharif govt but Nawaz Sharif is hesitant in appointing him again in steel mills. Why?
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Feb 12, 2015 03:55pm
It was discovered in 30 years ago. Why they didn't do anything about. Now why suddenly govt is so excited about 30 years old discovery. Because Chinese companies are famous for kick backs and corruption. Even for testing and for feasibility they gonna charge billions of dollars and huge portion of it will end up in UK bank accounts. At the end they gonna say this project is not feasible due to quality of ore and higher exp. Just like recent example of Nandipur.
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Feb 12, 2015 03:58pm
@An old guy . its not just the iron. They are reported to have found gold and copper as well (if you to believe their version:)) )
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Feb 12, 2015 05:13pm
Wish this discovery was done using our indigenous technology!
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Feb 12, 2015 05:35pm
O khair....Govt Ameer honay lagi hai...
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Feb 12, 2015 05:52pm
well thats 1000 percent true.
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Feb 12, 2015 06:53pm
You know what is most likely be going to happen? Nawaz will have more Steel Mills now followed by Mr. 10%
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Feb 12, 2015 09:03pm
@ayesha
We will never learn to be positive.
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Feb 12, 2015 09:05pm
@ayeshaejaz
You think it is funny? Are you a Pakistani? If yes, try to be optimist.
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Feb 12, 2015 11:12pm
We will need someone's help in exploiting these reserves. We have tested West's friendship many times, specially in case of Kashmir. China has been helping African nations, she has helped us in the past, too. Now it is up to us to sign a contract after reading it carefully. Another important thing is that the nation must be very careful, and should not vote for a government and people who are sellable.
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Feb 12, 2015 11:43pm
@Rehmat
What an educating comment, I can only laugh on your vision unless it is motivated by some vested interests. Land owners are the luckiest people as they will get due royalty. Are you against Sharifs or the nation?
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Feb 13, 2015 12:08am
@Kiran It is the China factor that troubles you and your suggestions become unworthy of consideration. this is not the first time we are doing something together. Indians failed to realize how they lost Pakistan to China
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Feb 13, 2015 12:39am
This is good enough reason for a country to visit us and bring democracy.
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Feb 13, 2015 01:01am
@Khalids go and get some fresh air, Baluchistan deposits are not mined due to the instable law and order situation and corrupt politicians.I hope these dposits are put to good use and Pakistan flourishes.
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Feb 13, 2015 03:28am
Discovery of this site will not end the begging bowl culture as the begging bowl will now be made out of silver. Nigeria has one of the largest deposits of oil, and see where they are at. The begging bowl culture will end with corruption, lawlessness, intolerance and illiteracy. Tackle these issues, make proper policies, and then see how quickly the begging bowl disappears.
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Feb 13, 2015 05:16am
@azmat
and diamond, oil and money too I heard.
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Feb 13, 2015 06:39am
Allah has blessed China with lots of natural resources. Thank god ... They don't have to go Africa and Australia.
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Feb 13, 2015 06:40am
@Ahmed USA
Land of pure?????
Land of pure gold, iron or what??
Still in the same mind set!!!!
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Feb 13, 2015 07:46am
@Awais Ali So does Afghanistan - that is what all the fighting is about, minerals and pipelines
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Feb 13, 2015 07:53am
Mansihra side is also full of Iron ore
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Feb 13, 2015 09:39am
PM is not able to run Pakistan Steel. And he is asking Chinese help for a steel mill in Chiniot.
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Feb 13, 2015 09:54am
@AJamal
PM is not the GM of the Pak Steel. He is, however, responsible to direct respective ministry. I hope you exactly know the cause of the non performance of Pak Steel. It is mainly due to the excessive political employment in Pak Steel. There isn't enough job for all and most are incompetent. Everyone wants overtime, else they don't let others work. Courts don't allow rationalization of the manpower. So, please add PPP,and MQM too as culprits of political employments in Pak Steel leading to its failure.
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Feb 13, 2015 10:02am
I am an Indian but I am very happy with the discovery of Iron ore reserves in Pakistan.I hope it brings happiness in the lives of Pakistanis and makes them happy and the money generated from this makes them rich,happy and prosperous in future.
All the best to all the pakistanis for the world cup 2015.I am eagerly waiting to see Afridi hitting tons of sixes against every body but not against India.Any way,India wins or Pakistan wins we should enjoy and be happy.I hope either India or Pakistan wins world cup 2015
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Feb 13, 2015 10:06am
@An old guy 10 billion is just from iron Ore .Please do not forget that Gold,Copper and other reserves are also there
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Feb 13, 2015 10:07am
@Bilal Yes,get some Europeon country .Do not let Chinese as they can never be trusted?
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Feb 13, 2015 10:09am
@Skeptic Get Imran Khan as prime minister.He in an honest man.Pakistan needs him
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Feb 13, 2015 10:28am
Saindak Copper mine in Balochistan has 412million tonnes of copper (copper is more expensive than iron ore). The mining rights have been given to the chinese since 1995. Chinese are extracting 10 times more copper ore than initially agreed. What benefit has Balochistan and Pakistan seen so far as a result of this project? Only a few politicians and beaucrats got rich by taking commissions and selling mining rights cheaply. We all know how Arsalan Iftikhar was appointed vice chairman responsible for selling mining rights for Rekodek mines. Who was responsible for this? I think military courts should be used to try all politicians, beaucrats and anyone else who plunder national wealth by taking kick-backs and commissions and they should be hanged in public! Until this happens it will be the same old story for any new discoveries.
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Feb 13, 2015 10:40am
@MD imran : World will come to you in a water driven car invented by Pakistani genius.
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Feb 13, 2015 10:50am
@Zia Khan but a good loss nonetheless.
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Feb 13, 2015 10:56am
@dr vimal and countries like Japan, without any resources, but still wealthy & prosperous.
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Feb 13, 2015 12:01pm
@A Shah nice gift there from India, isn't it?
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Feb 13, 2015 12:02pm
I hope they wouldn't be used to make guns for Taliban, al Qaeda and ISIS
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Feb 13, 2015 12:32pm
Abrar......
I m indian man.....sumone asked whr r the Indians.............its good news for pak........lets see how will you use this gold copper iron for your nation devolopment...........or corrupt people will take all resource tht u found.......
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Feb 13, 2015 12:53pm
@sanjeev - or maybe in a flying object. By the way water driven car us bot a dream its hust bot economical as if now
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Feb 13, 2015 01:13pm
Great. Now the Chinese company will form a mill and will sell iron to the Pak government at 3 times the market price.
Rest, they will take back to China at minimal cost to fuel their own economy. And they will not even pay any taxes on it as the Pak governments love China so much.
Result: No economic benefits to Pak. Good kickbacks for the officials in government. And a prospering economy of Western China. Pak GDP increase - a mighty ZERO
If the same would have been done by a western company, US and UK flags would have been burning in Karachi streets. But hey.....Chinese are our friends right. They can take our ports, buy our roads, take our hillside..and still be called our brothers.
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Feb 13, 2015 03:36pm
Wrong timing. Iron ore is of no use in today's world.... Every India Steel company is incurring losses....
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Feb 13, 2015 03:36pm
@Anwar : First address the violence in Pakistan....
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Feb 13, 2015 04:06pm
Thanks God. Wish our leaders make best use of these resources to eradicate poverty @ ignorance from the country.
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Feb 13, 2015 05:25pm
Thank give us land passage right so that we can come take our iron ore. We gave you land for Pakistan but not what is under the land - mineral rights. If pakistan does not give Punjab should take pakistan to icj.
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Feb 13, 2015 05:29pm
absolutely right...more than this discovered god is present in this country in form of talented youth but bad luck it will also be wasted
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Feb 13, 2015 06:42pm
Iron ore can be extracted by coolies in open cast mines. There is no specialised or skilled personnel required for this. I don't understand why we opt China for everything when we are capable of doing many things.
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Feb 13, 2015 08:13pm
Big deal; first of all finding reserves and establishing that their extraction is cost-effective are two different things. Most importantly, given the current Nizam of non-accountability the theft of national resources by the likes of Zardaris/Bhuttos and Sharif will continue. What the nation needs is awareness; and that can only come if they can at least read. People then can read all sorts of media. including social media, and obtain an international perspective to see how government runs in Pakistan, compared to economically successful and rich nations. This goes exactly against the interests of Zardaris/Bhuttos and Sharifs; and they would not allow education. Also there is little money in it for them as there are little kick-backs as opposed to building highways and jangla buses.
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Feb 13, 2015 08:34pm
@Random Indian you don't think you can get rich mining Iron Ore?
talk to BHP Billiton, Rio Tinto and Vale. They would beg to diifer. They are making not millions, but Billions of dollars every year from Iron ore.
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Feb 13, 2015 10:25pm
P.m sahib, the question is not of resources rather it is the question of will power which you lack as did your predecessors. The Baluchistan province is abundant with gold, copper deposits which are not only greater in quantity then the recent discovered deposits but also have the potential to change the fate of the national economy. Unfortunately, previous governments have not given importance to these deposits to boost up the national economy nor the present government will avail itself off the mineral deposits of the central Punjab.
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Feb 14, 2015 04:29am
now we are the super duper power.
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Feb 14, 2015 05:13am
It is great news!, Pakistan should strengthen their research universities and bring home their scientist to assist their separation, purification and bring it to full stream. Many new jobs will be created. May Allah bless this country.
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Feb 14, 2015 05:59am
Now the world will know that Pakistan lohay say banna hai! Let no one mess with Pakistan!
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Feb 14, 2015 11:03am
@ahmed This is great news and everyone, including the Indians, hope and wish that this does benefit the people of Pakistan. For both Indians and Pakistanis, any good news in our subcontinent, should be cause for joy. Notwithstanding all the belligerence and chest thumping you see in these columns, we bleed together, we laugh together and we will progress together.
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Feb 16, 2015 06:33pm
With Dr Samar Mubarakmand onboard, we will find iron, copper and gold everywhere. Send him to Mars and he will give you good news. What happened to Thar Coal Project ?
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Feb 17, 2015 11:51am
excelent thanks for GOD good news people of PAK
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